New, more complex accounting issues and disclosures create challenges for today’s busy financial executives. In this problem-solving self-study webinar, you will:
- Gain real-world knowledge of the latest rule changes from the SEC, FASB and more
- Compare new and existing standards and determine how changes impact you
- Get prepared for future changes
This self-study webinar reviews new financial accounting and reporting requirements from the FASB, IASB, AICPA, SEC and other rulemakers. It examines the rulemakers’ current activities and thinking. It also shows you the expected impact and what you need to do to stay compliant.
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Recent FASB pronouncements and other works in process
– New guidance on impairment testing: goodwill and intangibles
– Business combinations, consolidations, clarifying the definition of a business, noncontrolling interests, related parties under common control, and push down accounting
– Updates on fair value, OTTI, receivables, valuation and troubled debt restructurings
– Financial instruments: update on derivatives, hedging, FX, credit losses, and extinguishment of debt
– Leases—adopting the New Standard
– Pension, defined benefit, defined contribution, and multi-employer plans update
– Industry-specific projects and pronouncements - Variable Interest Entities (VIEs): review and update
- Stock-based compensation: review and update
- Status of international convergence and joint FASB/IASB projects
- Private company reporting: FASB and the PCC (Private Company Council)
- Financial statement presentation: reducing complexity, offsetting assets and liabilities, comprehensive income, cash flows, and disclosures
- Revenue recognition: recent interpretations and adopting the New Standard
- FASB Simplification Initiative, including deferred tax, extraordinary items, debt issue costs, inventory measurement, equity method, balance sheet classification of debt, development stage entities and more
- SEC reporting: hot topics, recent enforcement cases, SEC proposed regulations, compliance issues and filing requirements
- Impact of tax reform (Tax Cuts and Jobs Act of 2017)
• Identify the characteristics of the FASB’s simplification initiative and codification improvements
• Identify the current projects of the FASB
• Recognize the current and likely future use of the MLTN assessment in GAAP
• Identify the concept of materiality in financial statements
• Recognize accounting authoritative bodies’ responses to the COVID-19 pandemic
• Recognize the trigger for providing footnote disclosure regarding going concern
• Identify common non-GAAP measures
• Recognize recent SEC guidance and prohibitions regarding non-GAAP measures
• Recognize audit committee recommendations regarding the use of non-GAAP measurements suggested by the Center for Audit Quality
• Recognize types of events that are candidates for disclosure under the conceptual framework for financial reporting
• Identify the FASB’s latest changes to the amortization period for purchased callable debt securities held at a premium
• Recognize the FASB’s proposed changes to the classification of debt in a classified balance sheet
• Recognize the appropriate categorization of the cash flow associated with capitalized software costs and cloud services on the Statement of Cash Flows
• Identify the entity responsible for determining if an entity has going concern uncertainties
• Identify the environment associated with substantial doubt
• Identify management’s assessment period for assessing substantial doubt
• Identify the FASB’s proposed changes to the disclosure requirements for income taxes
• Recognize the changes to corporate income tax rates under the TCJA (the Act)
• Recognize the amended threshold for the cash method of accounting under the Act
• Identify the amended treatment of corporate NOLs under the Act
• Identify the Act’s available credit for employer wages paid to individuals under the FMLA
• Identify the appropriate presentation of restricted cash in the statement of cash flows under ASU 2016-18
• Recognize the minimum time threshold for goodwill impairment testing
• Recognize the circumstances under which a component of an operation segment is treated as a reporting unit for purposes of goodwill impairment testing
• Recognize the steps of impairment testing for goodwill
• Recognize triggers for impairment testing for goodwill
• Recognize the ASU 2017-04 alternative for goodwill impairment testing
• Recognize the objective of the revenue recognition standard
• Recognize the implications of the revenue recognition standard on disclosures
• Recognize which types of contracts would fall outside the scope of ASC 606
• Identify the relevance of revenue guidance found outside of ASC 606
• Identify the five steps to revenue recognition
• Identify the factors that indicate a good or service performance obligation is distinct from other performance obligations
• Identify the ramifications of performance obligations immaterial in the context of the contract
• Identify the basis for which the transaction price is allocated to the separate performance obligations in a contract
• Recognize the characteristics indicating that an entity should combine two or more contracts and account for them as a single contract
• Recognize the implications of a contract with a significant financing component
• Recognize the indicators of control of an asset where the performance obligation is satisfied
• Recognize the necessary amortization period time frame which allows an entity to elect to expense the cost of obtaining a contract
• Recognize the implications of a recent ASU on the number of categories of net assets to be shown on a not-for-profit’s statement of activities
• Identify the options available to not-for-profit organizations regarding the amortization of goodwill under ASU 2019-06
• Identify the current challenges to managing pension costs
• Identify the methods used by plan administrators to reduce pension obligation risk
• Identify the current funded status of state and local pension plans
• Recognize the simplification characteristics of ASU 2016-09 on the accounting for share-based payment award transactions
• Recognize the improvements to nonemployee share-based employment accounting under ASU 2018-07
• Recognize where in the ASC the new lease rules are located
• Identify the characteristics of a lease contract
• Recognize the frequency with which lease terms are reassessed
• Recognize the lessee classification of lease payments in the statement of cash flows
• Identify the accounting for operating lease income and finance leases by lessors
• Recognize the balance sheet treatment of subleases
• Identify the accounting treatment of sale and leaseback transactions
• Identify the transition requirements to ASC Topic 842
• Identify the recently extended effective date of the new leasing standard as applied to non-public entities due to COVID-19 concerns
• Recognize the purpose of a special purpose entity
• Recognize the type of voting rights that minority owners must hold in order to prevent consolidation under the VIE rules
• Identify the FASB’s clarification of the definition of a business
• Recognize the effect of the most recent guidance on the recognition and measurement of financial assets and financial liabilities
• Recognize the FASB’s most recent changes to the disclosure requirements on fair value measurements
• Identify the most recent provisions of the FASB regarding credit loss recognition
• Identify the primary purpose and objectives of the COSO framework
• Identify the characteristics of SAS 132
• Recognize the offerings exempt for SEC registration
• Recognize the key risk factors in audits
• Recognize the attributes financial statement readers most want out of the standard audit report per a PCAOB survey
